Bahamas Tax Agency Issues 2022 VAT Rules for Withholding Agents

The Bahamian Department of Inland Revenue July 29 issued S.I. No. 74/2022, the VAT rules for withholding agents for 2022. The rules include measures: 1) defining key terms; 2) specifying the VAT withholding threshold of 10,000 Bahamian dollar (US$10,000), regardless of whether the supplier is VAT registered; 3) establishing procedures for registering withholding agents, or for making or revoking their appointment; 4) requiring withholding agents to withhold 40 percent of VAT when paying suppliers, regardless of whether a supplier included VAT in the price or is VAT registered; 5) specifying remittance requirements for withholding agents; 6) describing record keeping and ...